Radius Credit Union Limited v. Royal Bank of Canada [2009] S.J. No. 148, 2009 SKCA 36, on appeal from
2007 SKQB 472

1992: Farmer Wayne Hingtgen (“Debtor”) granted a general security agreement to Radius
Credit Union Limited (“CU”) granting a security interest on all his present and after
acquired assets.

I)     Introduction

On 14 December 2010 the English Court sanctioned four connected schemes of arrangement for German companies in the Tele Columbus group.

Summary  

The international banking crisis has hit hard. German banks and companies are also affected. This briefing provides an insight on questions that are typically raised when persons are exposed to insolvency situations which involve proceedings initiated in Germany or abroad but have a connection to Germany in certain aspects.  

When does German Insolvency Law apply?  

Ogier has successfully applied for the recognition by the Royal Court of Jersey of English fixed charge receivers.  The decision of the Court in Re Estates and General Developments Limited¹ is the first time that such an appointment has been recognised in Jersey.

The role of Jersey as a financial centre means that on occasions there will be a requirement for a foreign liquidator or an office-holder under bankruptcy legislation to obtain information or documentation from persons or companies located in the Island. There have been a series of recent court decisions establishing the appropriate levels of co-operation with other jurisdictions.

The Statutory Position:

The provisions governing the recognition of a foreign (including a UK) insolvency office holder under Jersey law are found in Article 49 of the Bankruptcy (Désastre) (Jersey) Law 1990 (the 'Law') and Article 6 of the Bankruptcy (Désastre) (Jersey) Order 2006 (the 'Order').

Presentación

El análisis de la Ley 9/2012, de 14 de noviembre, de Reestructuración y Resolución de Entidades de Crédito y de la aplicación de algunos de sus preceptos en supuestos con elementos internacionales exige partir de dos premisas:

The question of which law is applicable to the insolvency of a party in an international commercial arbitration is a topical issue, particularly in the current financial crisis.Whether it be a desire to initiate arbitration; an arbitration that is already underway or where an award is to be enforced, the situation may arise where one party is, or will be, declared insolvent.

On October 14 2015 the Federal Council published a revision project for the Private International Law Act regarding the recognition and coordination of foreign bankruptcy proceedings in Switzerland.

Current situation

A foreign insolvency decree can be recognised in Switzerland, at request of the foreign liquidator or a creditor, only if: